NFT News by Thebittimes.Com

During the first two days of trading in the newly SEC-approved spot bitcoin ETFs, nine tickers took in approximately $1.4 billion of new cash inflows. According to Bloomberg, a single ETF, Blackrock’s IBIT, took on $497 million of new cash. Eight other ETFs, namely FBTC, BITB, ARKB, EZBC, BTCO, BRRR, HODL, and BTCW, took on $900 million of new cash. Meanwhile, Grayscale’s Bitcoin Trust (GBTC) converted into an ETF over the weekend after experiencing $579 million in outflows on Thursday and Friday. In total, inflows into the nine ETFs minus outflows from GBTC’s trust-turned-ETF totaled $819 million . When the SEC reluctantly approved 11 bitcoin ETF s, some enthusiasts expected the price of bitcoin to jump. Of course, the Wall Street adage “Buy the rumor; sell the news” applied to this news event, as it usually does. One day before the ETFs were approved, the price of bitcoin did briefly spike to over $48,625 on a fake approval tweet from a hacked SEC social media account. Howeve...

Until recently, institutions seemed to be washing their hands off crypto. As reported in several recent articles, flows were either negative or slightly positive, representing the “tepid investor appetite.” However now, looks like the trend has already changed. According to CoinShares’ latest weekly report, crypto-related investment products saw their largest inflows for 14 weeks, totaling $42 million. Per the report, “ The inflows began later in the week on the back of extreme price weakness prompted by the FTX/Alameda collapse. It suggests that investors see this price weakness as an opportunity, differentiating between “trusted” third parties and an inherently trustless system. “ As illustrated below, Bitcoin led the show and registered positive flows summing up to $19 million—the largest since early August this year. Alongside, alts have also started seeing renewed interest. Polygon ’s native token MATIC , for instance, managed to garner i...